THE national government’s total gross borrowings from January to November last year contracted by almost a fifth on an annual basis to P2.104 trillion, the latest Bureau of the Treasury (BTr) data showed.
The end-November 2022 total borrowings was P671.882 billion lower than the P2.775 trillion recorded in the same period of 2021.
The 11-month gross borrowings last year was 95 percent of the P2.2-trillion total borrowing target set by the national government for 2022.
The decline in gross borrowings was due to contractions in both domestic and foreign borrowings by the national government last year.
Treasury data showed the bulk of the amount borrowed by the national government as of end-November last year consisted of gross domestic borrowings that reached P1.61 trillion.
The amount was 28.314 percent lower than the P2.246 trillion recorded during the 11-month period of 2021.
The lion’s share of gross domestic borrowings during the reference period came from Fixed Rate Treasury Bonds at P1.136 trillion, followed by Retail Treasury Bonds at P834.479 billion.
There was also a net debt redemption on Treasury Bills amounting to P360.769 billion, as more debts were repaid than borrowed.
Data from the Treasury also showed that gross foreign borrowings in the January-to-November period declined 6.66 percent to P493.613 billion from P528.809 billion recorded in the same period of 2021.
Of the total gross foreign borrowings, program loans and multitranche dollar-denominated global bonds amounted to P136.604 billion and P234.259 billion, respectively.
The remaining amount was borrowed through a project loan (P94.198 billion) and through the issuance of yen-denominated Samurai bonds (P28.552 billion).
For November 2022 alone, the national government’s gross borrowings more than tripled to P97.865 billion from P26.695 billion recorded in the same month of 2021, based on Treasury data.
Gross domestic borrowings in November 2022 more than quadrupled year-on-year to P75.907 billion while gross foreign borrowings more than doubled on an annual basis to P21.958 billion, BTr data showed.
The Treasury earlier reported that the country’s outstanding debt as of end-November 2022 rose by 14.35 percent on an annual basis to a fresh record high of P13.644 trillion. (Related story: https://businessmirror.com.ph/2023/01/04/end-november-debt-hits-record-high-p13-64-trillion/)
Treasury data showed the national government’s (NG) total debt stock was P1.712 trillion higher than the P11.931-trillion outstanding debt recorded in November of 2021.
“For the month, NG’s total debt portfolio marginally increased by P3.15 billion or 0.02 percent from the end-October 2022 level, primarily due to the effect of local currency appreciation against the US dollar on foreign currency loans,” the BTr said in a statement last week.
“However, NG debt has increased by P1.92 trillion or 16.33 percent since end-December 2021,” it added.